BDP Holdings, a New Jersey-based real estate investment company, announced today the acquisition of 27 and 35 Waterview Drive, a best-in-market, Class A office building in Fairfield County, Connecticut, part of the New York City Metropolitan Area. The 310,000 square foot facility is 100% leased to Pitney Bowes Inc.
The location at Waterview Drive is 100 percent leased to Pitney Bowes and just a short commute from the company's headquarters. Pitney Bowes is a well-established industry leader with a long track record of success whose revenues have only continued to grow over the last 24 months, We are thrilled to have acquired such a desirable property, located in such an affluent and scenic location as Fairfield County."
Dennis Lim, principal, BDP Holdings.
Located in the county of Fairfield, Connecticut's largest and wealthiest county, the Pitney Bowes location at Waterview Drive totals approximately 310,000 square feet situated on 22.7 acres of land and provides easy access to several major local roadways, as well as mass transit which offers an easy commute to Boston, New York City and Washington, D.C. The property consists of three stories of office space, with additional space utilized for assembly/warehousing and engineering. The building also includes a full-service cafeteria, fitness center and a scenic outdoor area, perfect for a post-COVID work environment. Built in 1995, the property has undergone many recent capital improvements, including a new roof and major office and lab renovations throughout, making it well-positioned for future productivity.
Pitney Bowes is a global technology leader which provides e-commerce, shipping and mailing services across various market segments and supports 90% of all Fortune 500 companies. The Pitney Bowes location at Waterview is considered a mission critical location, serving as an operations center for all business lines and containing the largest concentration of Pitney Bowes employees in the world. It is also in close proximity to the company's headquarters, located in Stamford, Connecticut.
In addition to Pitney Bowes, Fairfield County is home to 19 Fortune 1000 companies, including Indeed.com, UBS, WWE, Financial Charter Communications and many others. Just 60 miles from New York City, Fairfield is one of the most affluent counties in the country, with an extremely educated workforce. Nearly half of all workers hold at least a bachelor's degree. Fairfield also features many public and private golf courses, yacht and boat clubs, country clubs and marinas.
This is BDP Holdings' fifth investment in the New York City Metropolitan Area. BDP's leadership has invested more than $6.5 billion in value-driven real estate across the U.S.
About BDP Holdings
Led by a team with nearly 30 years of experience, BDP Holdings is a New Jersey-based real estate investment company specializing in the acquisition, development and repositioning of real estate in the New York Tri-State area and across the U.S. BDP focuses on properties in markets with high barriers to entry and then seeks to add value through the repositioning of current properties or the development of new properties and communities. BDP's executive team has invested in over $6.5 billion of value-driven real estate and acquired over five million commercial square feet in more than 30 states.